All Forum Posts by: Mike Nguyen

 Shaun, I just saw where you're from Denham! Definitely connecting.  Keep it going brother!

It's definitely tough with a wife and 2 kids (also another on the way).  I'm an engineer and my wife is a stay at home mom and photographer (up and coming) so we have our hands full for the most part.  My income definitely is needed to keep us afloat but I'm getting pretty tired of my job and want more freedom other than padding the 401k until 62.  

I am still working to get my first deal (getting closer) and my wife has nothing to do with my REI. I'd like her to but she has no interest in it and just really trusts me as the main financier in our relationship. She goes where I go and she gives me that support (so long as she doesn't have to get involved...lol). It's nice but a lot of work and when I see others with their spouses being partners I do get a bit jealous but it is what it is. I agree with the guys that replied. You need to at least keep them informed and don't want to do anything your significant other does not support. Who knows...if they need more convincing than maybe it's not a great deal after all? Just keep showing them the numbers on each deal and if it's good than they should be able to see it. Good luck!

I'm bringing up this old thread but I have the same question.  I have a 5-plex appraised for 300k.  I get a loan based on that amount.  It's 5000sq ft and they say replacement cost is going to be 500k.  What are my options for insurance coverage?  I'd like to cover, at minimum, my mortgage if something were to happen and would like to keep my premiums in check.  Can I insure for the 300k and will there be any implications of insuring only for this amount other than possibly not getting enough money to pay for a full rebuild if it were needed?  

So let's say, I have my building covered for 300K and I were to have a fire that caused 300k in damage, but not the entire building.  Would insurance cover the full 300k or would they say 'well you didn't cover the entire building replacement cost' so we will only give you X amount (lower than actual cost to repair)?  Just a bit confused here because I do have some building skills and could assist the build to reduce cost if something like this were to happen and I think it's a good way to save on my premium (maybe, but I need to check).  

Also, if we have any agents or brokers, or if anyone can recommend an insurer that can provide me a quote on a 5-plex in Baton Rouge, LA please hit me up.  Thanks

I'm still waiting for my first one as well.  Awesome job! You are truly an inspiration and I hope you keep moving in the right direction.  

I'm also concerned about finding time away from wife and small kids to work on properties.  Its sort of the price you have to pay until you figure out a better plan I guess.  You wouldn't know what to do until you had to go through it yourself. Wish you the best of luck on your next one. 

@Robert Leonard Thanks for hitting me up.  I believe we have met before, although briefly, in one of the BR local meetups.  I attend those as much as I can but have been in and out of recent.  Thanks for your support and welcome here and will hit you up next time in person for sure.  Good luck to you and your business as well. 

@Dave Visaya.  Thanks for reaching out and I will definitely continue to use this site to my best extents as well as one day hope to become a top contributor once I get some experience.  Best of luck to your endeavors as well. 

Hey BP family! New guy here from Baton Rouge, LA.  Looking to get into real estate investing buy and holds but flipping is not out of the question to help build my finances.  Engineer by Degree and am currently working in that field, but I feel the true way to wealth is through real estate.  

I'm budget minded and a numbers guy (go figure) and it's helped me be able to provide me a platform to gain some renovation experience but nothing major.  I'd like to change that and become a very involved real estate investor and work my way to the top. 

I've been sneaking my way through the forums for the past year and a half it seems and am really looking for my first buy and hold deal.  I'd like to get this deal as a way to catapult my experiences and be a true test of my abilities to really handle the heat in the real estate kitchen. 

I'd like to thank all the contributing members of this community for really being open about your experiences and teaching us young bucks the ropes on what it takes! 

Also, I have to rep for my home town alma mater, Geaux Tigers!